Ford to cut 1400 jobs by the end of this summer

Media reports about Ford's job cut program emerged earlier this week but were not confirmed by the automaker until today.

Ford Motor Co. said Wednesday, May 17, it plans to cut 10 percent of its salaried jobs in North America and Asia Pacific this year in an effort to boost profits.

The company says it will release more details to employees in June and expects the departures to be done by September. Ford's total salaried workforce in those regions is 15,000, said Ford spokesman Mike Moran.

"We have not announced any new people efficiency actions, nor do we comment on speculation", he said. The report states that the company's stock has fallen in the three years since Mark Fields become CEO.

About two-thirds of the buyout offers are in North America and the rest in Asia.

The job cuts are expected to be outlined as early as this week and mostly target salaried employees. In March, he tweeted in celebration of Ford's plans to invest $1.2 billion and create 130 jobs in the expansion, much of which had been previously planned and announced.

Ford's traditional automotive business has struggled more than crosstown rival General Motors Co as the U.S. auto market declines following seven years of growth.

Lowering costs and being leaner and as efficient as possible, remains part of that focus, said the automaker in a prepared statement.

The Dearborn automaker has been under pressure both from its board of directors and from shareholders in recent days to show that its strategic plan is working as US industry sales begin to decline for the first time in seven years.

Ford said in January it was cancelling a planned Mexico plant and adding 700 jobs in MI. Electric auto maker Tesla Inc. recently surpassed Ford in market value even though it sells far fewer vehicles.

Investors should be aware of the potential backlash Ford could face from the White House, as job growth has been one of President Trump's pillars and talking points.

Ford's profits dropped by 35 percent in the first quarter of 2017 as a result of rising costs, pricey recalls and a drop in fleet sales. If you would like to discuss another topic, look for a relevant article.

Share

Related Articles

Tottenham was rampant as it sealed a 13th win in its last 16 games in all competitions, having already cemented second place. The Foxes were one of only two sides to not be beaten at White Hart Lane this season, drawing 1-1 back in October.

But perhaps weirder yet is the fact that famed duo The Coen Brothers wrote the latest version of the script. After tackling supervillains with Suicide Squad , David Ayer is heading back to the streets of Los Angeles.

TMZ is reporting that the show's inaugural and most successful victor could be returning to the series as a judge. There's still no word on who will host and judge, and ABC is now saying that will be announced at a later time.

Ny told reporters that the WikiLeaks founder had "tried to dodge all attempts at arrest" by British and Swedish authorities. With the threat of extradition to Sweden removed, the 45-year-old Australian could potentially opt to leave the embassy.

Raptors star DeMar DeRozan said he hoped Lowry may yet return to Toronto next season but told ESPN.com he would not lobby him. James is scoring 35 points a game and having fun doing it, while every night various other Cavs make key contributions.

Philippe, like economy minister Bruno Le Maire, is a defector from France's main conservative party The Republicans (LR). Mr Macron is the conservative Mrs Merkel's fourth French president in almost 12 years as chancellor.

During the visit, President Abbas will visit C-DAC in Noida on May 15 to forge cooperation between Palestine- India Techno Park. They also carried a large Palestinian flag and a black flag bearing the slogan "We shall return".

The players need to play and keep fit. "In pre-season, it is worse to go there when you want better conditions to be ready". It's good for the club to be there. "It is very good for the club", he added.

But, in January this year, former US President Barack Obama commuted her sentence in one of his last acts in the White House. Manning was found guilty of more than 20 charges related to the leaks and was set to serve 35 years for her crimes.

The Oilers didn't show mercy in the second period, with Anton Slepyshev scoring just 45 seconds in on a feed from Patrick Maroon. It was just the second goal of the playoffs for Johansen, who credited defenseman Yannick Weber for pushing him into the play.

Time has rolled out a series of politically-focused covers that have featured the 45th president in a critical light. In the December cover of the magazine, they had revealed their opposition for Trump.

The victory occurred at the Battle of Puebla between 6,000 French troops and small, under-supplied Mexican force of 2,000 men. The day is often referred to as Mexico's Independence Day, but that holiday actually falls in September.

Europa League: Rashford to the Rescue for United
UEFA Europa League semi-final is upon us Celta Vigo will take on Manchester United at the Estadio de Balaidos on Thursday night. There's a second game and 1-0 is a good result . "We know we can do it", he emphasized.

Manchester United lifts full-year revenue and profit guidance
Jose Mourinho insists Manchester United will continue to fight for titles instead of clambering to make the top four this season . The post Mourinho: We Don't Want League Games appeared first on 360Nobs.com. "The players who needed the rest got the rest".

US oil output back near records, challenging OPEC
That should help tighten the oil market and push up prices as demand rises gradually this year, he said. Since bottoming out in September, however, USA crude oil production has increased by almost 465,000 b/d.

Microsoft to NSA: WannaCry is your fault
That is what the WannaCry attack, and the likelihood that it will only be the first in a string of similar incursions, offers. Hackers then demanded a $300 ransom (double that after 72 hours) to unlock the device and all saved files.